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What Makes Bitcoin, Money?

The reason you smile showing off your entire set of teeth, walking
around so confidently when you have money on you and the reason you keep
quiet like a duck that just discovered that its wings are not meant for
flying is because you have knowledge of what money can deliver.

I have been asked this question numerous times – What Makes
Bitcoin, Money? I say to them - The same things that make your money,
money; are the exact same things that make bitcoin, money.

Money, according to modern economics has three functions - a medium
of exchange; a unit of account; a store of value. Its main function is
that it serves as a medium of exchange. That’s the reason you can
stretch your hand with a coloured paper or card made out plastic in it
to the guy who sells laptop and he won’t try to punch you in the face.
But you can also stretch that same hand with your wrist watch in it and
he still won’t try to punch you.

Understand that value is what is being exchanged not ‘money’ (lets
quote that). Whatever is accepted by someone as a thing of value can be
used as money. Money can be anything. So far it can serve as a medium of
exchange. Money can be your gold or your wisdom. It can be your house
or your dog. It can be your maize or your cap. Money is what you say
money is. If it is needed or wanted, then it is money. If it is scarce
and not littered everywhere, then it is money.

Now, Bitcoin as a new kind of currency may have been invented some
few years ago but what it fulfills is no different to what the
barter-like-method was doing many centuries ago. It is doing the same
thing cowry shells were doing thousands of years ago. I was around then,
so I know what I’m talking about. (where’s a wink smiley when you need
one)

Anyways, why right? How come?
I decided to accept it; she decided to accept it; he decided to
accept it. Many of us decided to accept it as a currency of value. Now
look at what I said earlier - whatever is accepted by someone as a thing
of value can be used as money. This takes us back to the old popular
quote that says, “One man’s food is another’s poison”. Your wrist watch
can have value to you but not necessarily to the laptop seller. Who
doesn’t want to have anything to do with your ‘Roles’ wrist watch. But
that doesn’t mean you can’t trade it with another laptop seller.

This article getting much… See, I can have decided to accept
bitcoin as a currency of value. I can only trade it with someone or
organization that have decided to accept it too. That’s what makes it
‘money’. That’s what makes anything valuable. If it is needed or wanted,
it is ‘money’. C'est fini.
Quickly, the two other functions of money

For bitcoin to function as a medium of exchange, it automatically
functions as a unit of account. A unit of account is something that can
be used to value goods and services settle debts and make calculations.
The pizza is valued and purchased using bitcoin.

Now the third - store of value is the function of an asset that can
be saved, retrieved and exchanged at a later time, and be predictably
useful when retrieved. The bitcoin can be saved in your bitcoin wallet, retrieved and exchanged at a later time. By the way, Jostpay Limited is Nigeria’s First & Best Known Bitcoin Wallet Operator.

So now you can see, what makes money, money; is what makes bitcoin, money.
Thank You For Reading Through.

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Jostpay has launched a new offline wallet storage for Bitcoin, Litecoin, and BitcoinCash in a bid to enhance the security of your coins.

Henceforth, all funds transferred into your Jostpay Cryptocurrency Wallet will be moved and secured in your offline wallet after the 1st confirmation. You can withdraw from your offline wallet to bank, send Bitcoin, Litecoin or BitcoinCash and also trade on the marketplace.

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I have been trying to dig out a good & funny intro line to start
this article but none seem to be coming at this time. So I'm just gonna
straight to the point.

What is Bitcoin?
Bitcoin is a digital or virtual type of money. Digital in the sense
that, it is not printed like your Naira or Dollar. Virtual in the sense
that, it is not physically felt or produced like other commodities that
can serve as a medium of exchange, store of value and unit of account. I
believe we understand that 'money' is not limited to our fiat
currencies alone. Money can be anything. Anything that can perform the
main functions of money can be used as 'money'. As you can exchange your
1000Naira for a plate of eba and egusi soup. You can also exchange your
iPhone7 for that same plate of food if you want to. Am certain Mama
Kabiratu won't mind. It is satisfying the same desire.

Now, defining bitcoin technically, Bitcoin is a kind of money or
peer-to-peer payme…